Get the Latest Investment Ideas Delivered Straight to Your Inbox. Subscribe

News Update

TICKERS: EGT; EGTYF

High Performance Energy Storage Company Posts 132% Increase in Yearly Revenue
News Update

Share on Stocktwits

Source:

Eguana Technologies reported financial and operating results for FY/20 that demonstrated substantial improvements in both revenue and gross margins.

In a news release, residential and commercial energy storage systems manufacturer Eguana Technologies Inc. (EGT:TSX.V; EGTYF:OTCQB) reported business operating highlights and financial results for FY/20 ended September 30, 2020.

The company's CEO Justin Holland commented, "The entire Eguana team worked tirelessly throughout the year under very difficult and often changing conditions, complicated by a global pandemic, to achieve a number of milestones: record revenues, record order book, and multiple product and certification completions."

The company advised that Q4/20 revenue increased 61% to $1.33 million, compared to Q4/19. The firm noted that the gross margin from product sales in Q4/20 improved to $0.01 million, in comparison to negative $0.03 million in Q4/19.

Eguana Technologies reported that for FY/20 revenue increased 132% year-over-year to $7.95 million. The company added that in FY/20 gross margins from product and engineering sales increased to $0.9 million, compared to $0.07 million in FY/19. The firm stated for FY/20 it incurred an operating loss of $5.14 million, versus an operating loss of $7.46 million in FY/19.

The firm discussed business activities in FY/20 highlighting its strategic partnership with Itochu Corp. and that company's $5.0 million investment in Eguana, which was structured as convertible debentures with warrants to purchase Eguana common shares. The two companies partnered on a development contract including Moixa Gridshare AI integration, whereby Itochu served as the battery supplier and provided working capital support.

The company reported that in FY/20 it certified and launched cobalt-free LFP Evolve and Evolve Hub into North America. The firm stated that it expanded its network of dealers to 239, including 195 in the U.S. and 44 in Australia. Eguana noted that it also had expanded credit with Export Development Canada.

CEO Holland remarked that "significant growth is expected for the residential energy storage markets through 2021 and beyond, with a record order book and back log, higher margin products, as well as a diversified battery module supply chain, Eguana is poised to deliver its best results to date."

[NLINSERT]

Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Eguana Technologies. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Eguana Technologies, a company mentioned in this article.





Want to read more about Alternative - Cleantech and Alternative Energy investment ideas?
Get Our Streetwise Reports Resources Report Newsletter Free and be the first to know!

A valid email address is required to subscribe